Offshore Taxation Case Studies

There have been huge changes in the offshore arena in recent years. More than ever it is important to ensure that your offshore tax affairs are dealt with correctly. HMRC now has wider information sharing powers and is determined to identify “hidden” tax offshore.

At the UK Tax Advisors, we have many years’ experience dealing with offshore structures, non-domiciled individuals and non-resident people and companies. Here is an outline of some of the cases we have helped with recently:

  1. An offshore family trust owned a number of property companies. Many properties were residential, so restructuring was required, in order to prevent issues going forward with Annual Tax on Enveloped Dwellings (ATED), Inheritance Tax (IHT) changes and new Capital Gains Tax (CGT) regime.
  2. We have helped an offshore trust, owning one UK residential property, to restructure, in order to improve the trust’s tax position without triggering a remittance charge for the non-domiciled beneficiary.
  3. We have helped offshore trusts’ non-domiciled beneficiaries to benefit from business investment relief.
  4. We have advised many offshore trusts about coming onshore and on the stockpiled gains and income tax position of the trusts after repatriation.
  5. We have advised a dual resident individual on whether non-UK income is taxable in the UK.
  6. We have considered on behalf of clients whether the statutory residence test deems an individual resident in the UK.
  7. We have given advice to individuals and trusts on how the rules from 6 April 2017 impact their tax affairs.
  8. We have advised a family trust regarding non-declared all-UK income and assisted with a disclosure to HMRC.

The legislation is complex and ever-changing in this area. It is therefore important that you choose an advisor who understands the old rules, all the changes that have been made and those proposed for the future. Mistakes in this area can be costly – both in terms of money but also in terms of time, as enquiries can take many months or years to conclude. Give us a call if you require assistance.

With the UK Tax Advisors you will benefit from our:

  • Considerable experience of dealing with offshore trustees and directors
  • Up-to-date knowledge of changes in tax legislation
  • Trust experts
  • Proactive advice in relation to capital gains tax, income tax and inheritance tax
  • Full tax returns and accounts service
  • Advice in relation to the statutory residence test and individuals leaving and coming back to the UK
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